Iranian official confirms execution for bank fraud to proceed

Iran's Chief Auditor Nasser Seraj announced that there is no truth to rumours that a death sentence issued in the so-called $3-billion fraud case will be withdrawn. Seraj, who acted as judge in the trial of Mahafarid Amir Khosravi, said: "A sentence that is issued and approved will no doubt be carried out."

Mahafarid Amir Khosravi in court (file photo)

IRNA reports that Seraj indicated that the authorities are continuing to trace the assets of Amir Khosravi, adding that the investigation is proceeding well.

The case, which has been referred to as the "biggest embezzlement case" in Iran's banking history, came to light in 2011, and 39 defendants were charged with misappropriating close to $3 billion; they're accused of using forced documents to obtain credit from banks to buy state-owned companies.

Four people were sentenced to death for the charge of "corruption on earth" including Amir Khosravi, and others were sentenced to prison terms of up to 25 years.

Mohammad Reza Khavari was the CEO of the country's largest bank, Melli Bank, and he remains a major suspect in this case, having fled to Canada as soon as the investigation became public.